FPOs withdrawn earlier also, regulators will work, Sitharaman on Adani case - Newztezz Online

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Saturday, February 4, 2023

FPOs withdrawn earlier also, regulators will work, Sitharaman on Adani case

Finance Minister Nirmala Sitharaman has given a statement on the Adani case on Saturday. Speaking on this matter, he has said that it is the job of the regulators, who will do their job.

Finance Minister Nirmala Sitharaman has given a statement on the Adani case on Saturday. Speaking on this matter, he has said that it is the job of the regulators, who will do their job. He said that before RBI has given the statement, banks and LIC have told about their exposure to Adani Group. The Finance Minister said that the regulators are independent from the government. They themselves will do whatever is appropriate. So, the market is well regulated.

Foreign exchange reserves increased by $8 billion: Finance Minister

When asked about India's position after the Adani case and the current situation in the global financial market, the Finance Minister said that there has been an increase of $8 billion in foreign exchange reserves in the last two days. He said that our macro-economic fundamentals or the image of the economy have not been affected.

Sitharaman further said that FPOs keep coming and going. These ups and downs happen in every market. But the fact is that in the last few days $ 8 billion has gone, due to which the image of India and its strength remains intact. The Finance Minister said that then, the regulators will do their work. He said that in fact, to keep the market properly regulated, SEBI is the authority. And SEBI has the resources to keep it in good shape.

Many times FPOs did not come back: Sitharaman

Speaking on FPO withdrawal, the Finance Minister said that how many times has it happened that FPO has been withdrawn in this country. And how many times the image of India has been affected because of this. He said how many times it has happened that FPOs have not come back.

Apart from this, Finance Secretary TV Somanathan said that he has said earlier also that Adani's case is like a storm in a tea cup from the point of view of macro-economic data and he stands by his statement. Apart from this, Sitharaman said in a press conference held in Mumbai that the main focus in the general budget presented for the financial year 2023-24 has been focused on economic growth.

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